Debt Consolidation: Fort Wayne Indiana Residents Have Options AvailableBY Erik J. MartinApril 30, 2023
Do you owe money to one or more creditors? You’re not alone. In the U.S., household debt currently totals $16.90 trillion. The nationwide total average debt balance is $101,915 per household.
The good news for those who live in Fort Wayne, Indiana, is that the average household debt is much lower than that. Although data isn’t available for the city, the average household debt in Indiana last year was $76,152. That’s lower than the countrywide average, but it’s still a sobering number.
Fort Wayne facts
In Fort Wayne, the median household income is $53,978 compared to the national median household income of $69,021. Many families in Fort Wayne are close to $76,000 in debt; their incomes often aren't enough to get them out of debt quickly.
The latest data from the U.S. Census Bureau and U.S. Bureau of Labor Statistics shows Fort Wayne, Indiana, has nearly 266,000 residents. Among them, an estimated 214,000 are employed. Looking closer, the unemployment rate in town is 3.2% versus a 3.5% national unemployment rate over the same period. Around 1,500 residents lost their jobs between September 2022 and February 2023. Also, the area poverty rate is 15.5%, compared to a national poverty rate of 11.6%.
Looking at these figures, it’s easy to see that Fort Wayne performs slightly worse economically than many other areas of the country.
Fort Wayne’s biggest employers
Thankfully, Fort Wayne has a lot of notable companies that provide good jobs to area residents. Currently, the largest Fort Wayne companies based on total jobs include:
Parkview Health (responsible for 8,970 total jobs)
General Motors (4,320 total jobs)
Lutheran Health Network (4,075)
Sweetwater Sound (2,011)
Lincoln Financial Group (1,954)
Shambaugh & Son (1,302)
Fort Wayne Metals (1,086)
Master Spas (1,040)
Don’t let debt get you down
Nowadays, it's common for folks in Fort Wayne to have debt regardless of how much money they make. If your debt isn’t too high, you can pay it off by:
A balance transfer
An unsecured loan to consolidate debt
Paying more toward your credit card for a few months
Yet, if you owe a lot, you might need a more significant strategy. The good news is many solutions are available, depending on how much you owe, make, and how long you want it to take to pay off your debt.
Freedom Debt Relief has been helping people eliminate their debt since 2002. Call 800-910-0065 to talk to one of our certified debt consultants. They'll help you figure out the best solution for your situation.
Consider debt consolidation
A debt consolidation loan combines all your debt into one account with one lender. You'll only have to make one payment each month. Plus, the interest rate will be lower. With a specific end date and a lower rate, you'll have a predictable amount to save each month.
You can get a debt consolidation loan from many places, like a bank or a credit union. You could refinance your home to pay down debt or contact a debt consolidation company for help. But before you choose a lender, aim to have a good credit history, a high credit score, a steady income, and a good debt-to-income ratio.
Shop around carefully
Before you pick a lender, do your research: look at interest rates and terms to get the best deal. Most banks and peer-to-peer lending companies offer ways to get out of debt, so you have options.
Be prepared to pivot
A debt consolidation loan can be a good option for some people. But it might not be right for everyone. If you owe too much money or don't have enough cash coming in, you might not find many lenders willing to help. If your credit score is too low, the interest rate on any loan offer might be too high. In this scenario, making the minimum payments on your credit cards could be better.
Got a low credit score as well? A debt consolidation loan may not be the best idea. If you suffer from bad credit and high debt, any loan—unless it’s interest-free — likely won’t get you out of your financial hole. It’s pointless to borrow even more money than you already owe if the interest rate on your loan is too high. Other options, such as debt management programs or debt settlement, might be more effective.
Help is available for debt in Fort Wayne
No matter what solution you pursue to get out of debt, the important thing is to weigh your options and take action. You can rely on Freedom Debt Relief Certified Debt Consultants to answer any questions about debt consolidation and other debt-resolving solutions. Give us a call anytime at 800-910-0065. We can point you to a healthier financial future.